@FireMedic1 wrote:
@Anonymous wrote:I figured the 4.0 was a typo but I looked it up. Lots of lenders might switch to this, the score uses trended data to forecast, not just a frozen snapshot like FICO currently uses.
https://www.creditkarma.com/advice/i/new-vantagescore-4-0-explained/
Utilization officially has a memory.
Whoa.
So how is this different from other scoring models? For some credit-scoring models, your utilization rate doesn’t have a “memory.” In other words, credit scoring models generally consider your most recently reported utilization rate when calculating a credit score for you.
However, the new VantageScore model will incorporate up to two years’ worth of trended data into its credit scoring model. It’s the first tri-bureau credit scoring model to do so.
Fico has done this for years, the number you see is based on your expected default over the next 2 years.....
@gdale6 wrote:
@FireMedic1 wrote:
@Anonymous wrote:I figured the 4.0 was a typo but I looked it up. Lots of lenders might switch to this, the score uses trended data to forecast, not just a frozen snapshot like FICO currently uses.
https://www.creditkarma.com/advice/i/new-vantagescore-4-0-explained/
Utilization officially has a memory.
Whoa.
So how is this different from other scoring models? For some credit-scoring models, your utilization rate doesn’t have a “memory.” In other words, credit scoring models generally consider your most recently reported utilization rate when calculating a credit score for you.
However, the new VantageScore model will incorporate up to two years’ worth of trended data into its credit scoring model. It’s the first tri-bureau credit scoring model to do so.
Fico has done this for years, the number you see is based on your expected default over the next 2 years.....
2 years from the date the score is generated.
Vantage will be using data from the prior two years to assign a score. Basically those of us around here who have periods of higher usage and periods of lower usage will have that taken into account by their algorithms.
Care Credit MC says "FICO Score not Available" and gives a list of reasons that can cause it to be missing (none of which apply), but Sam's Club has officially changed over as well:
@gdale6 wrote:
@FireMedic1 wrote:
@Anonymous wrote:I figured the 4.0 was a typo but I looked it up. Lots of lenders might switch to this, the score uses trended data to forecast, not just a frozen snapshot like FICO currently uses.
https://www.creditkarma.com/advice/i/new-vantagescore-4-0-explained/
Utilization officially has a memory.
Whoa.
So how is this different from other scoring models? For some credit-scoring models, your utilization rate doesn’t have a “memory.” In other words, credit scoring models generally consider your most recently reported utilization rate when calculating a credit score for you.
However, the new VantageScore model will incorporate up to two years’ worth of trended data into its credit scoring model. It’s the first tri-bureau credit scoring model to do so.
Fico has done this for years, the number you see is based on your expected default over the next 2 years.....
Didn't know that. I was under the impression your FICO score, since FICO has no util memory was where your risk % landed. Like 740's is 6%. If you carry a higher util over some of the known thresholds. Score goes down risk goes up. Then when you bring util down again score goes up less risk. I know its still FAKO in our world. Wonder if SYNC will use it for credit decisions outside of approvals. As we know to save $. We'll know 2 yrs from now what our average util % will be with 4.0. From my last TU 1B pull to check on a card flub.
Just noticed this was merged. Sorry i made a PP MC thread. Didnt see any other threads. Now we know its mostly all Sync cards
I must have missed this but when I logged into my PayPal MC I was greated with this message...
I have to admit, I'm not thrilled with this change.
Has this been out for awhile and I'm late to the party?
